Procera Networks to Raise $7.2 Million of Gross Proceeds in Registered Direct Common Stock Offering
March 02 2010 - 8:30AM
Marketwired
Procera® Networks Inc. (NYSE Amex: PKT), a developer of Evolved DPI
solutions providing awareness, analysis, and control for network
service providers, today announced that it has obtained commitments
from selected institutional investors to purchase approximately
$7.2 million of its common stock in a registered direct offering.
Under the terms of the transaction, Procera will sell eighteen
million shares of its common stock at a price of $0.40 per share.
The closing of the offering is expected to take place on March
4, 2010, subject to customary closing conditions. All of the shares
of common stock are being offered pursuant to an effective
registration statement previously filed with the Securities and
Exchange Commission.
The company anticipates that net proceeds from the offering,
after deducting the estimated placement agent fees and estimated
offering expenses, will be used for general working capital
purposes. This includes procuring inventory for sale to customers,
expanding research and development activities, expanding sales and
marketing activities and potential acquisitions.
Merriman Curhan Ford & Co. acted as the sole placement agent
for the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction. The shares of common stock may only be offered by
means of a prospectus. Copies of the final prospectus supplement
and accompanying base prospectus may be obtained from Merriman
Curhan Ford & Co. at 135 east 57th Street, 24th Floor, New
York, New York 10022. The prospectus will also be available on the
Securities and Exchange Commission website at
http://www.sec.gov.
About Procera Networks Inc. Procera
Networks Inc. delivers Evolved DPI solutions designed to give
service providers awareness, control and protection of their
applications and networks. Founded in 2002, Procera (NYSE Amex:
PKT) is based in Silicon Valley and has offices around the
globe.
Safe Harbor Statement: This press release
contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995 (the "Act"),
including statements regarding the anticipated completion of the
offering and the use of proceeds. Such statements are subject to
certain risks and uncertainties and actual results could differ
materially from those expressed in any of the forward-looking
statements. Such risks and uncertainties include, but are not
limited to, the ability of Procera to timely complete the
offering,commercialize the applicable technology and introduce
products and the acceptance of those products by the market, the
ability of resellers to sell the Procera products, market
conditions, the general acceptance of the Company's products and
technologies, competitive factors, timing, and other risks
described in the Company's reports and filings with the SEC from
time to time.
Procera Networks is a registered trademark, and PacketLogic and
DRDL are trademarks of Procera Networks, Inc. All rights reserved.
All other products or brands mentioned are trademarks and/or
service marks of their respective owners.
Press Contact Diana Loredo Procera Networks 408-890-7039
diana.loredo@proceranetworks.com Investor Relations Contact
Cynthia Hiponia The Blueshirt Group 1-415-217-4966
ir@proceranetworks.com
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